MBND vs. SCMB

Last updated Jun 5, 2026

MBND (SPDR Nuveen Municipal Bond ETF) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds. MBND is actively managed, while SCMB is passively managed. Over the past 3 years, MBND returned 3.72%/yr vs 3.30%/yr for SCMB. A 0.75 correlation means they provide meaningful diversification when combined. MBND charges 0.40%/yr vs 0.03%/yr for SCMB.

Performance

MBND vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ETF (MBND) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MBND having a 1.19% return and SCMB slightly lower at 1.15%.

MBND

• 1D: 0.07%
• 1M: 0.66%
• YTD: 1.19%
• 6M: 1.47%
• 1Y: 5.23%
• 3Y*: 3.72%
• 5Y*: 0.64%
• 10Y*: —

SCMB

• 1D: 0.08%
• 1M: 0.68%
• YTD: 1.15%
• 6M: 1.67%
• 1Y: 6.56%
• 3Y*: 3.30%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MBND vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBND SPDR Nuveen Municipal Bond ETF	1.19%	2.90%	2.75%	5.62%	2.56%
SCMB Schwab Municipal Bond ETF	1.15%	3.78%	0.91%	5.86%	3.05%

Correlation

The correlation between MBND and SCMB is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.75

The correlation between MBND and SCMB shifts across timeframes, from 0.60 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBND vs. SCMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MBND

MBND Risk / Return Rank: 59
MBND Sharpe Ratio Rank: 64
MBND Sortino Ratio Rank: 66
MBND Omega Ratio Rank: 77
MBND Calmar Ratio Rank: 44
MBND Martin Ratio Rank: 44

SCMB

SCMB Risk / Return Rank: 64
SCMB Sharpe Ratio Rank: 70
SCMB Sortino Ratio Rank: 75
SCMB Omega Ratio Rank: 80
SCMB Calmar Ratio Rank: 46
SCMB Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MBND vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) and Schwab Municipal Bond ETF (SCMB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MBND	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.26	-0.15
Sortino ratio: Return per unit of downside risk	3.02	3.30	-0.29
Omega ratio: Gain probability vs. loss probability	1.45	1.47	-0.03
Calmar ratio: Return relative to maximum drawdown	2.15	2.26	-0.11
Martin ratio: Return relative to average drawdown	7.13	7.53	-0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBND vs. SCMB - Sharpe Ratio Comparison

The current MBND Sharpe Ratio is 2.11, which is comparable to the SCMB Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MBND and SCMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MBND	SCMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.26	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.98	-0.77

Drawdowns

MBND vs. SCMB - Drawdown Comparison

The maximum MBND drawdown since its inception was -13.18%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for MBND and SCMB.

Drawdown Indicators

	MBND	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-6.13%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-2.92%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-5.57%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-13.18%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.79%	+0.24%
Average Drawdown Average peak-to-trough decline	-4.19%	-1.32%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.87%	-0.13%

Volatility

MBND vs. SCMB - Volatility Comparison

SPDR Nuveen Municipal Bond ETF (MBND) and Schwab Municipal Bond ETF (SCMB) have volatilities of 1.05% and 1.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBND	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.04%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	2.17%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	2.94%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	4.16%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	4.16%	-0.75%

MBND vs. SCMB - Expense Ratio Comparison

MBND has a 0.40% expense ratio, which is higher than SCMB's 0.03% expense ratio.

Dividends

MBND vs. SCMB - Dividend Comparison

MBND's dividend yield for the trailing twelve months is around 3.49%, less than SCMB's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021
MBND SPDR Nuveen Municipal Bond ETF	3.49%	3.43%	2.72%	2.53%	1.61%	1.62%
SCMB Schwab Municipal Bond ETF	3.53%	3.36%	3.34%	3.10%	0.59%	0.00%

Frequently Asked Questions

Can I hold both MBND and SCMB in my portfolio?

MBND and SCMB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBND or SCMB?

MBND has higher volatility (1.05%) compared to SCMB (1.04%). In terms of maximum drawdown, MBND dropped -13.18% vs SCMB's -6.13%.

Which ETF is better, MBND or SCMB?

On 3-year performance, MBND leads with 3.72% vs 3.30% for SCMB. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBND or SCMB?

Over the 3-year period, MBND has performed better with a 3.72% return vs 3.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBND or SCMB?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.40% for MBND.

Which ETF pays a higher dividend yield, MBND or SCMB?

SCMB has the higher dividend yield at 3.53%, compared with 3.49% for MBND.

What is the main difference between MBND and SCMB?

They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.40% for MBND and 0.03% for SCMB.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (2.26 vs 2.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.